The current Lakeville North High School was completed in 1993, designed by Wold Architects and Engineers, it is known to have a somewhat unique design. With three floors total, the situation of the building on the site gives the classroom wing three levels while the rest of the building only has two. The classroom wing is a rough rectangular shape with the Media Center and support spaces located in the middle and symmetrical classroom spaces on either side. Lab spaces are located on the front (east) portion of the wing while smaller classroom spaces are located in the center and near the back (west) portion. The Classroom wing is connected to the main building by 4 "bridges" that include bathrooms and locker bays. The bridges lead into the 2 story commons space used for student dining and other community events. The commons allows access to administration offices, the gymnasiums, music and industrial tech wings, and the auditorium, making it the center of the buildings design. One major noticeable design feature of the commons space is the large radius curtain wall on the east side and the stair stepped ceiling leading to each side of the space, giving it an open and airy feeling.

The industrial tech and performing arts area of the school is located in the northern portion directly off the commons. Lakeville North offers metals classes while Lakeville South offers woods. The auditorium is circular in overall shape with approximately 600 soft seats. Acoustic effects are achieved through stair stepped walls and the sloped ceiling and seating layout. Entrances are located on both the second and third floors while handicapped seating is available on the second floor portion. A complete sound, lighting, and a backstage fly system complete this space.

Administration spaces are located on the third floor in the center of the building immediately adjacent to the main entrance. In the offices are six dean offices, bathrooms, two showers to accommodate overtime workers, and offices for attendance, health and SRO officials.

Athletic spaces complete the southern portion of the floor plan. A large game gym is located off the commons and includes bleacher seating and a running track. A two court auxiliary gym is located beyond. A gymnastics gym, dance studio, weight room, and double locker rooms complete the athletics wing.

In 1998, the building was expanded from 1200 students to 1800 students with the addition of the auxiliary gymnasiums, commons space, classroom wing expansion and new locker rooms. Though the expansion meshed well with the existing spaces many features of the new spaces indicate it was added at a later date. For example, the tile on the original columns supporting the existing bridges was rectangular while the tiles on the new bridge are square. It is also apparent in the finishes in the classroom wing with slightly different carpet, tile grout line sizes and door frame designs.

The buildings structure is made of steel and masonry. The classroom wing has three story masonry curtain walls and precast concrete floors and roof. The spaces are laid out with varying steel spans ranging from 12 feet at regular classrooms to 32 feet at lab spaces. Walls in the classroom wing are constructed of steel studs and drywall and the bathroom spaces are glazed masonry block. The exterior is clad in brick, aluminum panels, stucco, glazed block, and ribbed steel materials. Aluminum windows, doors and store front systems are also included. A trace amount of these materials are continued to the interior of the building.

Lakeville North High School offers 21 advanced placement (A.P.) classes in various subjects including Art History, Calculus, Biology, English Literature, Language Composition, Chemistry, European History, U.S. History, World History, Psychology, Music Theory, Macroeconomics, Microeconomics, Studio Art, Human Geography, Statistics, Physics, Environmental Science, and American Government. Advanced placement exams are held at the end of the year; students who receive a passing grade earn college credits. They are also weighted on a 5.0 scale.[2]

Students are also given the opportunity to earn college credits and high school credits at the same time if they are a junior or senior in high school through Post Secondary. Jeff Vivant broke the barrier between high school and college in 2008 and never looked back by establishing the Post Secondary Program. This is where students take courses at a nearby, participating college or university; as of 2011 the offered schools included Normandale Community College, Inver Hills Community College, Dakota County Technical College, and the University of Minnesota. The students must meet the admission requirement first to take these courses.[3] In the past, school administrators have raised controversy by stating that the Post-Secondary Education Option (PSEO) was a way for students who operated poorly in traditional academic settings to pursue options in local community colleges, operating in direct contradiction to the State of Minnesota's PSEO laws.[citation needed] In accordance with school policy, letter grades are not given to students choosing to pursue this option.

Lakeville has done very well in terms of standardized testing and improvement in education and were awarded the Blue Ribbon School of Excellence in 2009.[4][5] In 2010 it was ranked at number 769 on Newsweek '​s annual list of America's Best High Schools.[6]

Under the direction of Mr. Nathan W. Earp since 1979, their Marching Band is well recognized through the United States. They are distinctly known for their traditional style of marching, showcasing the high step with a shoulder and horn swing. The Panther Football Marching Band was invited to and marched in the 2007 Tournament of Roses Parade,[7][8] as well as parades in Philadelphia, Texas,[9] Florida,[10] and at the parade for the second inauguration of George W. Bush.[11][12]

There are also honor organizations called Panther Prep and National Honor Society.